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Discuss the difference between an income tax expense and an income tax payable, demonstrating an understanding of the difference between GAAP and tax reporting. Identify

Discuss the difference between an income tax expense and an income tax payable, demonstrating an understanding of the difference between GAAP and tax reporting. Identify three temporary differences and discuss how the deferred tax asset or deferred tax liability is recorded and consumed. Identify three permanent differences and discuss the reporting of permanent differences.

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